1 00:00:08,760 --> 00:00:13,000 S1: Holmes hold memories. They hold families, history and meaning, and 2 00:00:13,000 --> 00:00:16,240 S1: for many people, a lifetime of love. But as we age, 3 00:00:16,280 --> 00:00:20,000 S1: many homes quietly become harder and riskier to live in. Hi, 4 00:00:20,040 --> 00:00:23,520 S1: I'm Rob West. Most US homes were never designed for 5 00:00:23,520 --> 00:00:28,000 S1: aging bodies, yet many older adults feel financially locked in. Today, 6 00:00:28,000 --> 00:00:30,720 S1: we'll talk with Harlan Accola about an option that can 7 00:00:30,720 --> 00:00:34,199 S1: help them move into safer, healthier homes without taking on 8 00:00:34,200 --> 00:00:36,960 S1: new monthly payments. Then it's on to your calls at 9 00:00:36,960 --> 00:00:43,440 S1: 800 525 7000. That's 800 525 7000. This is faith 10 00:00:43,440 --> 00:00:50,240 S1: in finance. Live biblical wisdom for your financial decisions. Well, 11 00:00:50,240 --> 00:00:52,520 S1: it's always great to have Harlan Accola with us. He 12 00:00:52,520 --> 00:00:55,720 S1: leads the reverse mortgage team at Movement Mortgage, a faithful 13 00:00:55,720 --> 00:01:00,370 S1: underwriter of this program. And Harlan, always educational and enjoyable 14 00:01:00,370 --> 00:01:02,250 S1: to have you along with us. Thanks for coming back. 15 00:01:02,290 --> 00:01:03,570 S2: Well, thanks. It's good to be here today. 16 00:01:03,570 --> 00:01:07,170 S1: Rob Harlan, before we talk about housing and finances, let's 17 00:01:07,170 --> 00:01:11,289 S1: start with safety. How serious is the danger of older 18 00:01:11,290 --> 00:01:13,730 S1: adults falling in their homes? 19 00:01:15,090 --> 00:01:18,009 S2: Well, it's a lot bigger problem than what I realized. 20 00:01:18,050 --> 00:01:21,090 S2: There was a great article that was written by the 21 00:01:21,130 --> 00:01:25,010 S2: US Census Bureau, uh, back 3 or 4 years ago. 22 00:01:25,209 --> 00:01:28,850 S2: And they said that out of 115 million housing units 23 00:01:28,850 --> 00:01:33,010 S2: in the US, only 10% are actually really set up 24 00:01:33,010 --> 00:01:36,810 S2: to safely accommodate older people. And what I didn't realize 25 00:01:36,810 --> 00:01:40,290 S2: is 30 million older people fall in the United States, 26 00:01:40,290 --> 00:01:42,530 S2: which is like one fall every second of every day. 27 00:01:42,690 --> 00:01:45,330 S2: It's wow. And a lot of those 1 in 5 28 00:01:45,330 --> 00:01:47,730 S2: of those falls result in serious harm. Many people have 29 00:01:47,730 --> 00:01:50,450 S2: to be hospitalized because of just falling in their house 30 00:01:50,810 --> 00:01:54,610 S2: and because older homes, obviously with stairs and so on, 31 00:01:54,610 --> 00:01:58,610 S2: are not designed for aging in place. Uh, and it's 32 00:01:58,610 --> 00:02:02,460 S2: something that I know. My my own grandma fell and 33 00:02:02,460 --> 00:02:05,220 S2: broke her hip at 85, and that was in the 34 00:02:05,220 --> 00:02:07,340 S2: hospital for a month and things were over. And that's 35 00:02:07,380 --> 00:02:09,340 S2: a I was a little kid then, but I remember 36 00:02:09,340 --> 00:02:13,339 S2: that happening. And it's just something that we think that 37 00:02:13,340 --> 00:02:15,940 S2: cancer is terrible or all those other things which they are, 38 00:02:16,340 --> 00:02:17,540 S2: but falls are serious. 39 00:02:17,980 --> 00:02:21,140 S1: Yeah, no doubt about it. And for some listening, those 40 00:02:21,139 --> 00:02:25,220 S1: stats may have been surprising. And maybe you're in this 41 00:02:25,220 --> 00:02:28,940 S1: season of life, or perhaps you're caring for or about 42 00:02:28,940 --> 00:02:32,780 S1: to care for. And, uh, a parent maybe, who's entering 43 00:02:32,780 --> 00:02:35,580 S1: this season of life and you haven't considered this. So 44 00:02:35,620 --> 00:02:38,700 S1: let's unpack that one step further in your study, Harlan. 45 00:02:38,940 --> 00:02:41,380 S1: Why are you seeing so many homes being such a 46 00:02:41,419 --> 00:02:43,180 S1: poor fit for people as they age? 47 00:02:43,740 --> 00:02:46,900 S2: Well, the thing is, is that most homes were designed 48 00:02:46,900 --> 00:02:49,700 S2: for raising a family. They raised like we did for 49 00:02:49,700 --> 00:02:52,580 S2: kids in that house. We needed extra bedrooms. We needed 50 00:02:52,580 --> 00:02:58,500 S2: an upstairs. Uh, we needed, uh, a lot of room. And, uh, 51 00:02:58,590 --> 00:03:00,990 S2: it just didn't make sense. After all, the kids were 52 00:03:00,990 --> 00:03:03,710 S2: gone because that house was designed for raising kids. It 53 00:03:03,710 --> 00:03:05,790 S2: didn't even have a bedroom on the main floor. It 54 00:03:05,790 --> 00:03:10,510 S2: had three levels. The laundry was in the basement, and 55 00:03:10,510 --> 00:03:12,350 S2: that was all fine when we were in our 30s 56 00:03:12,350 --> 00:03:17,430 S2: and 40s, and we're still in good health in our 60s. But, uh, ourselves, 57 00:03:17,430 --> 00:03:19,989 S2: like millions of other people, are living in a house 58 00:03:19,990 --> 00:03:24,030 S2: that was not designed for aging in place. And that 59 00:03:24,030 --> 00:03:25,109 S2: is really the issue. 60 00:03:25,150 --> 00:03:29,030 S1: Yeah. Uh, and yet, even when people know their home 61 00:03:29,030 --> 00:03:32,350 S1: isn't ideal anymore, many feel stuck. We said that at 62 00:03:32,350 --> 00:03:34,790 S1: the open of the program today. Why is that in 63 00:03:34,790 --> 00:03:35,270 S1: your view? 64 00:03:35,550 --> 00:03:38,350 S2: Well, there's two major reasons. The first one is, is 65 00:03:38,350 --> 00:03:40,470 S2: that people have their house paid off and they may 66 00:03:40,470 --> 00:03:42,230 S2: have to go to a more expensive house if it's 67 00:03:42,230 --> 00:03:44,950 S2: brand new or if it's a someplace that's closer to 68 00:03:44,990 --> 00:03:47,350 S2: a city or closer to their kids or their grandkids. 69 00:03:47,590 --> 00:03:50,150 S2: So they certainly don't want to upsize and now get 70 00:03:50,150 --> 00:03:52,869 S2: a bigger mortgage when they have a mortgage right now. 71 00:03:53,030 --> 00:03:56,190 S2: And the second reason is that they have a low 72 00:03:56,190 --> 00:03:58,930 S2: rate mortgage that's getting close to being paid off. It's 73 00:03:58,970 --> 00:04:02,250 S2: two and a half, three, 3.25% that they did back 74 00:04:02,250 --> 00:04:05,970 S2: in refinance maybe back in 2020. And they know that 75 00:04:05,970 --> 00:04:08,250 S2: that's not available anymore. So they just say, well we 76 00:04:08,250 --> 00:04:10,010 S2: just do not move. We got this cheap mortgage or 77 00:04:10,010 --> 00:04:12,850 S2: we've got our house paid off. Let's just stay put. Uh, 78 00:04:13,010 --> 00:04:15,490 S2: which may make sense financially but does not at all 79 00:04:15,490 --> 00:04:18,050 S2: make sense from a medical or health situation. 80 00:04:18,089 --> 00:04:21,330 S1: Yeah. And we've talked about this before, Harlan, but we're 81 00:04:21,330 --> 00:04:25,370 S1: seeing more and more people entering this fourth quarter of life. 82 00:04:25,490 --> 00:04:29,330 S1: I believe the stat is two thirds with an existing mortgage, 83 00:04:29,490 --> 00:04:31,650 S1: let alone one that might grow if they have to 84 00:04:31,690 --> 00:04:33,370 S1: move like you're describing. Right. 85 00:04:33,570 --> 00:04:35,729 S2: Well, that's so true. And and what a lot of people. 86 00:04:35,730 --> 00:04:38,370 S2: One thing I didn't share with you earlier, Rob, is 87 00:04:38,370 --> 00:04:42,570 S2: that 25% of people over 75 are still making a 88 00:04:42,570 --> 00:04:47,010 S2: mortgage payment. So it's a huge amount of people over 89 00:04:47,010 --> 00:04:50,090 S2: 62 that are still needing to send that mortgage payment 90 00:04:50,089 --> 00:04:52,490 S2: every month, which is a huge burden and something that 91 00:04:52,490 --> 00:04:54,130 S2: really isn't designed for retirement. 92 00:04:54,529 --> 00:04:57,380 S1: Yeah. And so that points to this opportunity we're going 93 00:04:57,380 --> 00:05:01,700 S1: to explore today, which is possibly a reverse mortgage, which 94 00:05:01,700 --> 00:05:05,460 S1: could change that picture dramatically. We'll talk about that after 95 00:05:05,460 --> 00:05:08,140 S1: the break. We will be taking your questions today. We'll 96 00:05:08,140 --> 00:05:13,340 S1: prioritize those questions on mortgages, specifically reverse mortgages. While Haaland 97 00:05:13,700 --> 00:05:16,300 S1: is here today, he's literally written the book on the 98 00:05:16,339 --> 00:05:20,140 S1: topic he leads with education. He'll help you understand what 99 00:05:20,140 --> 00:05:22,220 S1: it is and what it isn't. We'll be back with 100 00:05:22,220 --> 00:05:24,500 S1: more on faith and finance live. Stick around. 101 00:05:29,940 --> 00:05:33,339 S3: The opinions offered during this program represent the personal or 102 00:05:33,339 --> 00:05:38,180 S3: professional opinions of the participants, given for informational purposes only. 103 00:05:38,420 --> 00:05:41,979 S3: Any information provided is not intended to replace advice from 104 00:05:41,980 --> 00:05:46,779 S3: a financial, medical, legal, or other professional who understands your 105 00:05:46,779 --> 00:05:48,219 S3: specific situation. 106 00:05:53,339 --> 00:05:55,580 S1: How do you think about your home, especially as it 107 00:05:55,580 --> 00:05:58,229 S1: relates to that fourth quarter of life. You know, many U.S. 108 00:05:58,230 --> 00:06:02,070 S1: homes were never designed for aging bodies, yet many older 109 00:06:02,070 --> 00:06:06,150 S1: families feel financially locked in. Harlan is here today. He 110 00:06:06,150 --> 00:06:09,750 S1: leads the reverse mortgage team at Movement Mortgage, an underwriter 111 00:06:09,910 --> 00:06:12,430 S1: of this program. And you know, we were talking in 112 00:06:12,430 --> 00:06:17,150 S1: the last segment about this reality that many older Americans 113 00:06:17,150 --> 00:06:20,270 S1: find themselves locked in, in part because if they want 114 00:06:20,270 --> 00:06:23,150 S1: a newer home that has some of these features, that 115 00:06:23,150 --> 00:06:25,950 S1: would be helpful for somebody who's aging, or they need 116 00:06:25,950 --> 00:06:28,750 S1: to be closer to family. That mean may mean a 117 00:06:28,790 --> 00:06:31,990 S1: location that's a little more expensive. That means taking on 118 00:06:31,990 --> 00:06:34,270 S1: a mortgage in a season of life where they may 119 00:06:34,310 --> 00:06:37,789 S1: be ill prepared to cover that expense. That's where a 120 00:06:37,790 --> 00:06:41,589 S1: reverse mortgage can be very helpful. And we're going to 121 00:06:41,589 --> 00:06:43,990 S1: talk about that here in a moment. But Harlan will 122 00:06:43,990 --> 00:06:46,909 S1: be taking your questions throughout this broadcast today. So today 123 00:06:46,910 --> 00:06:49,710 S1: is the day if you have mortgage related questions and 124 00:06:49,710 --> 00:06:53,270 S1: specifically questions around reverse mortgages, what are they? Are they 125 00:06:53,270 --> 00:06:56,240 S1: right for my situation? Call right now. We've got some 126 00:06:56,240 --> 00:06:58,480 S1: lines open. We will begin taking those calls here in 127 00:06:58,480 --> 00:07:03,479 S1: just a moment. 805. Two five. 7000 again. That's 800 128 00:07:03,480 --> 00:07:08,000 S1: 525 7000. Go ahead and call right now. Uh, Harlan, 129 00:07:08,000 --> 00:07:12,040 S1: given what we've just said about, uh, homes, uh, many 130 00:07:12,040 --> 00:07:15,000 S1: of them not being ideal for this season of life. 131 00:07:15,240 --> 00:07:19,240 S1: We've also said that a reverse mortgage can change that 132 00:07:19,240 --> 00:07:24,160 S1: picture of this financial challenge quite dramatically. How is that? 133 00:07:24,840 --> 00:07:28,360 S2: Well, I just had somebody this past week, uh, and 134 00:07:28,360 --> 00:07:30,240 S2: they wanted to move closer to their kids. They wanted 135 00:07:30,240 --> 00:07:32,560 S2: to move to a house that was on level one level. 136 00:07:33,000 --> 00:07:35,760 S2: And so they had they still had $100,000 mortgage on 137 00:07:35,760 --> 00:07:39,720 S2: a $500,000 house that they had bought years ago for 200, 300,000, 138 00:07:39,760 --> 00:07:43,440 S2: and now it was worth 500. So they sold the house, uh, 139 00:07:43,440 --> 00:07:46,720 S2: for we explained to them what we're going to work on. 140 00:07:46,720 --> 00:07:49,840 S2: So they're planning on selling the house for 500,000. They'll 141 00:07:49,840 --> 00:07:53,880 S2: have $400,000 left over and they've kind of under saved. 142 00:07:53,880 --> 00:07:58,570 S2: They only have about 300,000 total for their retirement income. 143 00:07:58,850 --> 00:08:02,050 S2: So with the new $400,000 house that they're buying, that 144 00:08:02,050 --> 00:08:04,650 S2: happens to be in a 55 plus community. Brand new, 145 00:08:04,690 --> 00:08:07,930 S2: lower maintenance, lower taxes, a little bit of HOA, but 146 00:08:07,930 --> 00:08:11,010 S2: it's still cheaper to maintain because it's a new brand 147 00:08:11,010 --> 00:08:15,090 S2: new house with better utilities. And so they only have 148 00:08:15,130 --> 00:08:18,250 S2: for that house. They only have to pay down 150,000 149 00:08:18,290 --> 00:08:20,010 S2: in a down payment. We come in with the other 150 00:08:20,010 --> 00:08:23,130 S2: 250 in a reverse mortgage that they can make payments on, 151 00:08:23,130 --> 00:08:26,490 S2: but never have to. And that leaves them with an 152 00:08:26,490 --> 00:08:28,850 S2: extra couple hundred thousand dollars. So they're going to be 153 00:08:28,850 --> 00:08:34,050 S2: close to $500,000 in their investment account, which is a 154 00:08:34,050 --> 00:08:36,170 S2: whole lot more than the 300. So it gives them 155 00:08:36,170 --> 00:08:39,570 S2: a lot more breathing room than what they had before. Plus, 156 00:08:39,570 --> 00:08:42,250 S2: now they have eliminated their payment and have a brand 157 00:08:42,250 --> 00:08:46,490 S2: new house. So that's just a very typical example. You 158 00:08:46,490 --> 00:08:51,130 S2: put down about 30 to 40% depending upon or I'm sorry, 159 00:08:51,170 --> 00:08:54,620 S2: you get about 30 to 40%. So you, put down 160 00:08:54,620 --> 00:08:58,260 S2: somewhere between 60 and 70% instead of paying cash, and 161 00:08:58,260 --> 00:09:00,260 S2: you still have no payment. That's why everybody wants to 162 00:09:00,260 --> 00:09:02,339 S2: pay cash because they have no payment. But you can 163 00:09:02,340 --> 00:09:05,579 S2: pay 60 to 70% and still have no payment. And 164 00:09:05,580 --> 00:09:08,140 S2: so we kill two birds with one stone for this client. 165 00:09:08,140 --> 00:09:10,780 S2: We eliminated their mortgage payment, got them into her house, 166 00:09:10,780 --> 00:09:13,620 S2: but also gave them more money because they did not 167 00:09:13,620 --> 00:09:15,300 S2: pay cash for the house. So they had more money 168 00:09:15,300 --> 00:09:19,140 S2: in their investment account to take care of. Uh, just, uh, 169 00:09:19,540 --> 00:09:20,660 S2: a better retirement. 170 00:09:20,700 --> 00:09:23,460 S1: Yeah, well, it's a double win there. And on top 171 00:09:23,460 --> 00:09:26,660 S1: of that, and this is often misunderstood about reverse mortgages 172 00:09:26,660 --> 00:09:29,900 S1: with a married couple, they can both live in that 173 00:09:29,900 --> 00:09:32,180 S1: home for the rest of their lives until the Lord 174 00:09:32,179 --> 00:09:33,940 S1: calls them home, or they sell it. Right. 175 00:09:34,580 --> 00:09:37,140 S2: You know, I worry so much about that. That's so true. Uh, 176 00:09:37,140 --> 00:09:38,819 S2: my wife is a little bit younger than me, three 177 00:09:38,820 --> 00:09:41,420 S2: years younger. And if I go first, uh, she's not 178 00:09:41,420 --> 00:09:43,380 S2: going to have to worry about making a payment. And 179 00:09:43,380 --> 00:09:45,260 S2: we're in a house that's all in one level and 180 00:09:45,260 --> 00:09:49,860 S2: designed for, uh, even wheelchair scenarios. And so many people 181 00:09:49,860 --> 00:09:54,470 S2: don't make that move until something bad happens. The spouse dies. 182 00:09:54,670 --> 00:09:58,630 S2: Somebody falls and is in a wheelchair. And instead of 183 00:09:58,630 --> 00:10:01,350 S2: waiting until there's a problem in your 80s, if you 184 00:10:01,350 --> 00:10:03,750 S2: take care of this one, you're in your 60s. You've 185 00:10:03,750 --> 00:10:06,430 S2: already taken care of that so that you're not requiring 186 00:10:06,429 --> 00:10:08,870 S2: a spouse or somebody to move when they're sick or 187 00:10:09,390 --> 00:10:14,190 S2: grieving the loss of a partner. And that is so important. 188 00:10:14,190 --> 00:10:16,190 S2: We try to get we want to help before there's 189 00:10:16,190 --> 00:10:19,150 S2: a problem, because it's pretty stressful to move when you're 190 00:10:19,350 --> 00:10:20,949 S2: 80 years old and have lost a partner. 191 00:10:20,990 --> 00:10:24,230 S1: Yeah, well, and you don't have to pull any additional 192 00:10:24,230 --> 00:10:27,790 S1: money out, you could literally just use the reverse to 193 00:10:27,830 --> 00:10:31,830 S1: either pay off the existing mortgage or pay it off. And, uh, 194 00:10:31,830 --> 00:10:35,550 S1: you know, by this maybe slightly more expensive home, never 195 00:10:35,550 --> 00:10:38,710 S1: borrow another dollar, but also never make a payment, right? 196 00:10:39,429 --> 00:10:41,870 S2: That's exactly right. The most powerful thing is not having 197 00:10:41,870 --> 00:10:43,469 S2: a payment. Some people say, well, if I do a 198 00:10:43,470 --> 00:10:47,190 S2: reverse repurchase, I'm not really getting any money. Well, you're 199 00:10:47,190 --> 00:10:52,410 S2: alleviating the responsibility of 1000 1000 $503,000 mortgage payment. I 200 00:10:52,450 --> 00:10:54,850 S2: just talked to somebody that called in last month from 201 00:10:54,850 --> 00:10:58,290 S2: Faith and they said, you know, I got $3,000 a 202 00:10:58,290 --> 00:11:01,410 S2: month and my credit card bill went up to $8,000, 203 00:11:01,410 --> 00:11:04,050 S2: and I'm not spending foolishly. And I said, how would 204 00:11:04,050 --> 00:11:06,330 S2: you be able to live if the only thing you 205 00:11:06,370 --> 00:11:09,650 S2: had was your living expenses and your mortgage payment was zero? 206 00:11:09,650 --> 00:11:12,010 S2: And you said, my mortgage payment is $1,200, my mortgage 207 00:11:12,010 --> 00:11:14,410 S2: payment was $1,200, I never would have had to end 208 00:11:14,410 --> 00:11:16,170 S2: up with a credit card bill when I had to 209 00:11:16,170 --> 00:11:17,250 S2: fix my air conditioning. 210 00:11:17,290 --> 00:11:20,490 S1: Wow. Yeah. That's powerful. Harlan Ackley here today we're taking 211 00:11:20,490 --> 00:11:23,890 S1: your calls on mortgages. And specifically if you have questions 212 00:11:23,890 --> 00:11:27,050 S1: on reverse mortgages, we'd love to hear from you as well. 213 00:11:27,090 --> 00:11:31,929 S1: Harlan can tackle those questions today. 800 525 7000. Let's 214 00:11:31,929 --> 00:11:33,689 S1: go to Chicago, Tracy. Go ahead. 215 00:11:34,690 --> 00:11:38,090 S4: Yes. Hi. Thanks for taking my call. Um, I would 216 00:11:38,090 --> 00:11:41,290 S4: like to know, um, my husband and I have been 217 00:11:41,290 --> 00:11:47,010 S4: advised to, um, not make extra payments towards our mortgage. Um, 218 00:11:47,210 --> 00:11:50,170 S4: we want to make an extra payment or two towards 219 00:11:50,170 --> 00:11:55,340 S4: the principal, but we were advised to invest that money instead. Um, 220 00:11:55,460 --> 00:12:02,020 S4: because our interest rate is like 2.67. Um, but I 221 00:12:02,020 --> 00:12:04,459 S4: understand that part that you make more in the market. 222 00:12:04,460 --> 00:12:07,060 S4: But at the same time, if we never pay the 223 00:12:07,059 --> 00:12:11,500 S4: mortgage down, eventually it'll double or triple. So I don't 224 00:12:11,500 --> 00:12:14,620 S4: really understand that advice. And just like to know what you, uh, 225 00:12:14,620 --> 00:12:17,020 S4: if you can give feedback on that. And then I, uh, 226 00:12:17,059 --> 00:12:19,219 S4: if I may, I'd also like to know, are there 227 00:12:19,220 --> 00:12:22,300 S4: any cons to this program you're speaking about as far 228 00:12:22,300 --> 00:12:24,699 S4: as the reverse. Reverse mortgage? 229 00:12:24,940 --> 00:12:28,540 S1: Yeah. Thank you. Let me start with the first part. Absolutely. And, 230 00:12:28,580 --> 00:12:31,340 S1: you know, the first part is does it make sense 231 00:12:31,340 --> 00:12:33,620 S1: with a low interest rate mortgage, which you clearly have 232 00:12:33,660 --> 00:12:37,620 S1: a 2.7, we'll call it percent. Uh, you know, well 233 00:12:37,620 --> 00:12:40,860 S1: there's the math equation. And that's true. You know, with 234 00:12:40,900 --> 00:12:45,100 S1: a taxable investment, let's say you get 3% or three 235 00:12:45,140 --> 00:12:48,820 S1: and a quarter. That would equal the after tax interest 236 00:12:48,860 --> 00:12:53,430 S1: rate of 2.67. Um, you know, is it plausible to 237 00:12:53,470 --> 00:12:55,870 S1: make that up and then some and come out ahead 238 00:12:55,870 --> 00:13:00,030 S1: on paper? Absolutely. Uh, I think there are the non-financial 239 00:13:00,030 --> 00:13:02,350 S1: parts of this equation, though the peace of mind that 240 00:13:02,350 --> 00:13:06,910 S1: comes with it, the simplicity, the reduced financial pressure, because 241 00:13:06,910 --> 00:13:12,150 S1: you have lower required monthly expenses, um, you know, among others, 242 00:13:12,150 --> 00:13:14,550 S1: those are the reasons why folks will go ahead and 243 00:13:14,550 --> 00:13:16,110 S1: pay off their home. So I think you need to 244 00:13:16,110 --> 00:13:19,469 S1: look at both sides of this equation, um, before you 245 00:13:19,470 --> 00:13:23,230 S1: make that decision. It's not just a math equation, but, Harlan, uh, 246 00:13:23,230 --> 00:13:26,870 S1: we've got just about 50s left. Uh, the downside of 247 00:13:26,870 --> 00:13:28,150 S1: a reverse mortgage. 248 00:13:28,390 --> 00:13:30,550 S2: Well, the downside of a reverse mortgage is you just 249 00:13:30,550 --> 00:13:32,510 S2: simply have to understand that you're going to have more 250 00:13:32,510 --> 00:13:36,430 S2: money in other places, but you're giving up equity. It's 251 00:13:36,429 --> 00:13:38,949 S2: simply a trade. It's not something that you're losing. You're 252 00:13:38,950 --> 00:13:41,710 S2: just trading equity for cash, which is probably why you 253 00:13:41,750 --> 00:13:43,589 S2: got that advice. And I need to know more about 254 00:13:43,590 --> 00:13:45,630 S2: it before I would say yes, that's definitely what you 255 00:13:45,630 --> 00:13:48,390 S2: should do. But the big thing is, is you can't 256 00:13:48,429 --> 00:13:51,080 S2: eat your house as people say. So you need money 257 00:13:51,080 --> 00:13:53,360 S2: in other places. And so if you put too much 258 00:13:53,360 --> 00:13:55,800 S2: money in your house, then you don't have any liquidity. 259 00:13:55,800 --> 00:13:58,800 S2: And cash flow is pretty important in retirement, and sometimes 260 00:13:58,800 --> 00:14:00,320 S2: it's just good to get rid of a payment. 261 00:14:00,720 --> 00:14:03,120 S1: Yeah, no doubt about it. That's well said. Tracy, thanks 262 00:14:03,120 --> 00:14:05,600 S1: for your call. All the lines are full. There's a 263 00:14:05,600 --> 00:14:08,320 S1: lot of questions about reverse mortgages, and I'm not surprised. 264 00:14:08,320 --> 00:14:12,760 S1: This is one of those often misunderstood areas of financial planning. 265 00:14:12,760 --> 00:14:16,319 S1: So we'll dive into these questions with Harlan right after 266 00:14:16,320 --> 00:14:19,400 S1: this break. This is faith and finance live. Stick around. 267 00:14:26,360 --> 00:14:28,080 S1: Great to have you with us today on faith and 268 00:14:28,080 --> 00:14:30,600 S1: finance live. I'm Rob West. We're taking your calls and 269 00:14:30,600 --> 00:14:34,560 S1: questions today. Harlan, Akhil is here. We're talking reverse mortgages. 270 00:14:34,600 --> 00:14:37,760 S1: Let's head to Alabama. Jim, you'll be next up. Go ahead. Sir. 271 00:14:38,040 --> 00:14:41,560 S5: Thank you for taking my call. Um, question is how 272 00:14:41,640 --> 00:14:43,920 S5: my wife and I are in our approaching mid 60s. 273 00:14:43,960 --> 00:14:47,000 S5: We're still early 60s. Uh, our home is paid for. 274 00:14:47,280 --> 00:14:49,890 S5: And if we needed to tap into it for a 275 00:14:49,890 --> 00:14:52,650 S5: little bit of extra income as we get older. I'm 276 00:14:52,650 --> 00:14:56,050 S5: just wondering how that would be effective for us, because 277 00:14:56,050 --> 00:14:59,250 S5: my major concern is the fact that I've always heard 278 00:14:59,250 --> 00:15:01,330 S5: that if we did this and then say one of 279 00:15:01,330 --> 00:15:04,410 S5: us dies, then we run the risk of losing our 280 00:15:04,410 --> 00:15:08,410 S5: home because it's in this reverse mortgage contract and we 281 00:15:08,410 --> 00:15:09,570 S5: can't get out of it. 282 00:15:10,010 --> 00:15:13,810 S1: Yeah. Harlan, uh, help! Uh, Jim, out here with this question. 283 00:15:14,090 --> 00:15:18,970 S2: Jim, that's a classic, uh, misconception about reverse mortgages. You 284 00:15:18,970 --> 00:15:22,090 S2: own your house always. If you pass away, your wife 285 00:15:22,090 --> 00:15:24,610 S2: owns the house. If both of you pass away your heirs, 286 00:15:24,650 --> 00:15:27,610 S2: your children, or your estate, own the house. We simply 287 00:15:27,610 --> 00:15:30,330 S2: have a lean against the property. You cannot lose your 288 00:15:30,330 --> 00:15:33,250 S2: house ever in a reverse mortgage unless you don't pay 289 00:15:33,250 --> 00:15:36,530 S2: your real estate taxes. And you can lose your house 290 00:15:36,530 --> 00:15:38,130 S2: if you don't pay your real estate taxes. If you 291 00:15:38,130 --> 00:15:40,130 S2: have no mortgage on the house like you do now. 292 00:15:40,330 --> 00:15:44,450 S2: So that's a separate requirement. So the fact is, is 293 00:15:44,450 --> 00:15:46,850 S2: that for as long as you and your wife live 294 00:15:46,850 --> 00:15:49,780 S2: in the home, it is impossible to lose it as 295 00:15:49,780 --> 00:15:51,940 S2: long as you simply live there and pay the taxes 296 00:15:51,940 --> 00:15:54,820 S2: and insurance, just like you would if the house is 297 00:15:54,820 --> 00:15:58,060 S2: paid off like it is now. Now, as far as income, 298 00:15:58,060 --> 00:16:00,980 S2: if you don't know when and if you'll need income, 299 00:16:01,020 --> 00:16:03,340 S2: the best time to borrow money is when you don't 300 00:16:03,340 --> 00:16:05,940 S2: need it. So we just set up a line of 301 00:16:05,940 --> 00:16:09,380 S2: credit that you can activate whenever you want, and then 302 00:16:09,380 --> 00:16:12,260 S2: whatever you use is the only amount that is paid back, 303 00:16:12,380 --> 00:16:14,340 S2: and you can never be required to pay that back 304 00:16:14,340 --> 00:16:17,140 S2: before you pass away or permanently move out of the house. 305 00:16:17,820 --> 00:16:21,740 S2: So the safety factor is this is the safest mortgage 306 00:16:21,740 --> 00:16:23,940 S2: that you can get in retirement, because the only if 307 00:16:23,940 --> 00:16:25,660 S2: you have a mortgage, you have to make payments and 308 00:16:25,660 --> 00:16:28,460 S2: you can't make them. That's a whole different deal. Now 309 00:16:28,460 --> 00:16:30,620 S2: you can lose your house. You can be foreclosed on. 310 00:16:30,980 --> 00:16:34,420 S2: That is not not what can happen with a reverse. 311 00:16:34,900 --> 00:16:37,940 S1: Harlan, is there a different type of product that may 312 00:16:37,980 --> 00:16:41,020 S1: be confused with a home equity conversion mortgage? What we 313 00:16:41,020 --> 00:16:43,500 S1: know as a reverse mortgage today, or is it an 314 00:16:43,500 --> 00:16:46,220 S1: older form of reverse mortgage? What is it that causes 315 00:16:46,220 --> 00:16:47,220 S1: this confusion? 316 00:16:47,830 --> 00:16:50,950 S2: Well, yes, there are some older forms, but I'm so 317 00:16:50,950 --> 00:16:52,910 S2: glad you brought that up because there are two things 318 00:16:52,910 --> 00:16:56,110 S2: that are getting a lot of attention right now. Companies 319 00:16:56,110 --> 00:17:01,070 S2: like Homebot and Unison. There are he's he's they're referred 320 00:17:01,070 --> 00:17:06,030 S2: to home equity agreements, home equity investments. That is where 321 00:17:06,030 --> 00:17:09,310 S2: you are inviting another owner to your house, and you 322 00:17:09,350 --> 00:17:12,190 S2: are selling part of the value of your house, or 323 00:17:12,190 --> 00:17:14,830 S2: all of the value of your house for usually a 324 00:17:14,830 --> 00:17:18,310 S2: larger amount than 3,040% that we can give you. But 325 00:17:18,350 --> 00:17:22,109 S2: you usually can get kicked out in usually a maximum 326 00:17:22,109 --> 00:17:26,830 S2: of ten years. Very dangerous situation. These are not scenarios 327 00:17:26,830 --> 00:17:30,869 S2: that Movement Mortgage will be involved in, and we strongly 328 00:17:30,869 --> 00:17:33,870 S2: encourage our clients to stay away from them because you 329 00:17:33,869 --> 00:17:37,350 S2: are now letting some you're putting somebody else on the title. 330 00:17:37,390 --> 00:17:40,550 S2: We are not in your title one at 100%, and 331 00:17:40,550 --> 00:17:42,470 S2: that's a whole different story. And that's where a lot 332 00:17:42,470 --> 00:17:46,930 S2: of these things come from, is those rogue Uh, products 333 00:17:46,930 --> 00:17:50,209 S2: that are not regulated by FHA. Federal Housing Administration like 334 00:17:50,250 --> 00:17:50,810 S2: ours is. 335 00:17:51,250 --> 00:17:53,250 S1: Yeah. That's helpful. Jim. Does that clear it up? 336 00:17:54,170 --> 00:17:56,609 S5: It does. And that last part was very helpful, too, 337 00:17:56,650 --> 00:17:59,410 S5: because I had not heard of the high or the high. 338 00:17:59,450 --> 00:18:02,450 S5: So I just had written down, do not do that. 339 00:18:03,170 --> 00:18:04,090 S1: I appreciate that. 340 00:18:04,730 --> 00:18:06,649 S2: Absolutely need to know on it. 341 00:18:07,410 --> 00:18:10,649 S1: We appreciate your call today. Uh, let's head down to Florida. Sheila. 342 00:18:10,650 --> 00:18:12,850 S1: Go ahead. Hi, Sheila. Go right ahead. 343 00:18:13,490 --> 00:18:17,210 S6: Yes, I'm calling in regards to, uh, my uncle passing 344 00:18:17,210 --> 00:18:22,129 S6: away in 2024, and my cousin inherited the home. And 345 00:18:22,130 --> 00:18:24,050 S6: after he passed away, she found out there was a 346 00:18:24,290 --> 00:18:27,330 S6: there is a reverse mortgage on the home. What options 347 00:18:27,330 --> 00:18:29,450 S6: does she have to stay in the home? 348 00:18:29,930 --> 00:18:31,170 S1: Great question. Harlan. 349 00:18:31,609 --> 00:18:34,690 S2: Yeah, very important question. She has she if she inherited 350 00:18:34,690 --> 00:18:37,850 S2: the house and she's the sole person that inherited, she 351 00:18:37,850 --> 00:18:40,209 S2: has two options. The first one is to sell it, 352 00:18:40,609 --> 00:18:43,449 S2: pay off the mortgage and take whatever is remaining. So 353 00:18:43,490 --> 00:18:47,300 S2: if it's worth 400,000 and the mortgage is 300,000. She 354 00:18:47,340 --> 00:18:51,820 S2: simply sells it for the and keeps the difference. If 355 00:18:51,820 --> 00:18:56,100 S2: it is upside down and there's $400,000 owed on the 356 00:18:56,100 --> 00:18:59,780 S2: house and it's only worth 300,000, she will not receive 357 00:18:59,780 --> 00:19:01,620 S2: any equity out of the home. But she is not 358 00:19:01,660 --> 00:19:04,180 S2: responsible for the debt. So she's got to be very 359 00:19:04,180 --> 00:19:06,460 S2: careful not to ever pay anything for it, because she's 360 00:19:06,460 --> 00:19:09,820 S2: not responsible for that. That's protected by the Federal Housing 361 00:19:09,820 --> 00:19:14,140 S2: Administration and there is nothing there. Now, 2024 is quite 362 00:19:14,180 --> 00:19:17,260 S2: a while, and so she needs to be in contact 363 00:19:17,260 --> 00:19:19,580 S2: with the servicer if she needs any help with that. 364 00:19:19,740 --> 00:19:23,500 S2: Movement mortgages. Movement mortgage works with all of the major servicers. 365 00:19:23,740 --> 00:19:25,380 S2: We'd be happy to help her out, even if it's 366 00:19:25,380 --> 00:19:29,300 S2: not our loan. Uh, so, uh, that's certainly something she 367 00:19:29,300 --> 00:19:31,740 S2: needs to pay attention to it. Because if she doesn't, 368 00:19:31,740 --> 00:19:33,899 S2: it can go into foreclosure, and then it eats up 369 00:19:33,900 --> 00:19:36,460 S2: some of the equity if there's not a discussion with 370 00:19:36,460 --> 00:19:39,540 S2: the servicer. So I'd be happy to help out your cousin, uh, 371 00:19:39,540 --> 00:19:41,220 S2: to see what could be accomplished there. 372 00:19:41,260 --> 00:19:42,700 S1: Yeah. Sheila, is that helpful? 373 00:19:43,500 --> 00:19:44,980 S6: That's helpful. So who do I. 374 00:19:45,390 --> 00:19:47,270 S1: Yeah. Just stay on the line. Our team will get 375 00:19:47,270 --> 00:19:49,630 S1: your information and get Harlan in touch with you. And 376 00:19:49,630 --> 00:19:51,390 S1: he'll just walk you through what you need to know 377 00:19:51,390 --> 00:19:54,510 S1: as a next step. Yep. Thanks for your call today. Quickly. 378 00:19:54,550 --> 00:19:56,550 S1: We'll stay in Florida. Diane. Go ahead. 379 00:19:56,590 --> 00:20:03,109 S7: Hi. Yes. Good afternoon. Um, my situation is myself, my 380 00:20:03,109 --> 00:20:07,670 S7: mother and brother are on the mortgage, and I asked 381 00:20:07,670 --> 00:20:10,389 S7: my brother that to remove my. I need to remove 382 00:20:10,390 --> 00:20:12,590 S7: my name. We need to sell the house then. Now, 383 00:20:12,590 --> 00:20:15,910 S7: he said we're going to do a reverse mortgage. So 384 00:20:15,950 --> 00:20:18,910 S7: my question is, with the reverse mortgage, can my name 385 00:20:18,950 --> 00:20:21,310 S7: be removed off the mortgage? 386 00:20:21,750 --> 00:20:22,430 S1: Hmm. Yeah. 387 00:20:22,750 --> 00:20:26,430 S7: We need my credit score. It's affecting me getting loans 388 00:20:26,430 --> 00:20:30,230 S7: because he doesn't pay regularly. He always messed up with 389 00:20:30,270 --> 00:20:34,150 S7: the mortgage where it has to go back into modification. 390 00:20:34,150 --> 00:20:38,629 S7: So my credit score is bad. So after over 30 years, 391 00:20:38,670 --> 00:20:41,430 S7: I say I've had it. I need my name off. 392 00:20:41,630 --> 00:20:42,750 S7: So what? 393 00:20:43,350 --> 00:20:46,400 S1: Yes. Very good. Harley, we've got about 30s and then 394 00:20:46,400 --> 00:20:47,879 S1: we can pick it up after the break if we 395 00:20:47,880 --> 00:20:48,640 S1: need more time. 396 00:20:48,680 --> 00:20:50,600 S2: Yes, Diane. We'd be happy to help you with that. 397 00:20:50,600 --> 00:20:52,480 S2: You can come off the mortgage if you don't want 398 00:20:52,480 --> 00:20:55,119 S2: to be a part of that. The only thing to 399 00:20:55,160 --> 00:20:57,600 S2: remember is that if there's a reverse mortgage, at least 400 00:20:57,600 --> 00:20:59,399 S2: he can never be late on the mortgage. So it 401 00:20:59,400 --> 00:21:02,560 S2: would help. But it doesn't sound like it's a good partnership. 402 00:21:02,600 --> 00:21:05,720 S2: The sooner out of it, probably the better. But I 403 00:21:05,760 --> 00:21:07,840 S2: need to know a little more information. Let's talk and 404 00:21:07,840 --> 00:21:08,920 S2: see what we can sort out. 405 00:21:09,359 --> 00:21:11,320 S1: Very good. Diane. You can stay on the line, and 406 00:21:11,320 --> 00:21:13,120 S1: we'll get you in touch with Harlan to help walk 407 00:21:13,119 --> 00:21:16,600 S1: you through the situation quickly. Harlan. The age that you 408 00:21:16,600 --> 00:21:19,159 S1: have to be in order for this to be an option. 409 00:21:19,840 --> 00:21:22,520 S2: Yeah, 62 is the cutoff. In some states, we can 410 00:21:22,520 --> 00:21:26,360 S2: do as low as 55, but 62 is for most states. 411 00:21:26,880 --> 00:21:30,280 S1: Excellent. All right. We've got one line open. Harlan. Achilles here. 412 00:21:30,280 --> 00:21:33,399 S1: He leads the team. The reverse mortgage team at Movement Mortgage, 413 00:21:33,400 --> 00:21:36,200 S1: an underwriter of this program, will be taking more calls 414 00:21:36,200 --> 00:21:45,689 S1: after the break. Come on back. Great to have you 415 00:21:45,690 --> 00:21:48,090 S1: with us today on Faith and finance live. I'm Rob West. 416 00:21:48,090 --> 00:21:50,570 S1: Harlan Akil is here today. He's our good friend. He 417 00:21:50,570 --> 00:21:54,210 S1: leads the reverse mortgage team at Movement Mortgage, an underwriter 418 00:21:54,210 --> 00:21:56,570 S1: of this program. All the lines are full. We'll head 419 00:21:56,570 --> 00:21:58,810 S1: back to the phones here in just a moment. But, Harlan, 420 00:21:58,810 --> 00:22:03,730 S1: we started today by talking about this, uh, sobering reality that, uh, 421 00:22:03,730 --> 00:22:08,340 S1: 30 million older Americans fall every year. And 1 in 422 00:22:08,340 --> 00:22:11,770 S1: 5 of those falls results in serious injury, often leading 423 00:22:11,810 --> 00:22:15,970 S1: to hospital stays and long recovery times. And this is 424 00:22:15,970 --> 00:22:18,129 S1: in large part due to the fact that, you know, 425 00:22:18,170 --> 00:22:21,810 S1: most U.S. homes were built decades ago for younger families 426 00:22:21,810 --> 00:22:24,810 S1: and are not equipped for someone in this fourth quarter 427 00:22:24,850 --> 00:22:27,689 S1: of life. And to your point, uh, you know, a 428 00:22:27,690 --> 00:22:32,210 S1: reverse mortgage can be a solution there because housing is 429 00:22:32,210 --> 00:22:34,770 S1: really key to improving quality of life, isn't it? 430 00:22:34,810 --> 00:22:37,370 S2: Well, there's no question that where you live in your 431 00:22:37,369 --> 00:22:40,050 S2: fourth quarter of life has more to do with your 432 00:22:40,050 --> 00:22:44,500 S2: quality than anything other than your. Of course the other 433 00:22:44,540 --> 00:22:48,940 S2: from a monetary standpoint than any other decision. And there's 434 00:22:48,940 --> 00:22:51,100 S2: so many people that are in the wrong houses that 435 00:22:51,100 --> 00:22:53,340 S2: should move. And I took my own advice. I went 436 00:22:53,340 --> 00:22:54,980 S2: to a home that has one level living. I can 437 00:22:54,980 --> 00:22:57,660 S2: still take steps two at a time, but maybe when 438 00:22:57,660 --> 00:22:59,179 S2: I'm a few years down the road I won't be 439 00:22:59,220 --> 00:23:01,660 S2: able to. So there's so many people that should really 440 00:23:01,660 --> 00:23:04,979 S2: think about that is it's okay now, but will it 441 00:23:04,980 --> 00:23:08,260 S2: be okay in ten years? And so few people have 442 00:23:08,260 --> 00:23:10,420 S2: sat down and talked to their spouse about it, talk 443 00:23:10,420 --> 00:23:13,140 S2: to their families about it, that I just really want 444 00:23:13,140 --> 00:23:15,460 S2: to sound the alarm, that this is something to decide 445 00:23:15,460 --> 00:23:19,020 S2: long before you've had a fall or ended up in 446 00:23:19,020 --> 00:23:21,060 S2: a wheelchair convalescing from something. 447 00:23:21,100 --> 00:23:23,780 S1: Yeah. That's helpful. Let's go to Tennessee. Mary Lou, thanks 448 00:23:23,780 --> 00:23:24,820 S1: for your call. Go ahead. 449 00:23:25,180 --> 00:23:28,700 S8: Hey. Hi. Um, I just want to say thank you for. 450 00:23:28,740 --> 00:23:32,460 S8: I've been listening since the 90s, and I was able 451 00:23:32,460 --> 00:23:36,300 S8: to use your advice, um, or Larry's back then for 452 00:23:36,300 --> 00:23:41,100 S8: my dad to get a reverse mortgage back in, like, 98, 97. 453 00:23:41,300 --> 00:23:44,950 S8: And it saved him. He was only on Social Security 454 00:23:44,950 --> 00:23:48,710 S8: and he couldn't pay his property taxes every year. He 455 00:23:48,710 --> 00:23:51,750 S8: was a frugal man. So. And I thought, okay, well, 456 00:23:51,790 --> 00:23:57,070 S8: you know, there's no inheritance for us, but, um, uh, actually, 457 00:23:57,109 --> 00:23:59,750 S8: he the Lord took him quickly in his sleep. One 458 00:23:59,750 --> 00:24:02,590 S8: night only after 3 or 4 years, and we we 459 00:24:02,630 --> 00:24:06,270 S8: were able to have some inheritance. But anyway. And the 460 00:24:06,270 --> 00:24:09,030 S8: other thing you guys have taught me is, uh, during 461 00:24:09,030 --> 00:24:11,790 S8: the different times of my life, to run to your creditors, 462 00:24:11,790 --> 00:24:13,750 S8: not away from them. So that was a big help. 463 00:24:13,790 --> 00:24:15,310 S9: Yes. So I've done my. 464 00:24:15,310 --> 00:24:18,389 S8: Research about because of course, I already had heard about 465 00:24:18,390 --> 00:24:23,470 S8: reverse mortgages, and now I'm 66. I, I have Social Security. 466 00:24:23,630 --> 00:24:26,150 S8: I have no credit card debt. I do not have. 467 00:24:26,190 --> 00:24:29,750 S8: What do you call it? The the emergency fund. But 468 00:24:30,310 --> 00:24:36,390 S8: I've done my research on, uh, reverse mortgage. Um, there's a, 469 00:24:36,390 --> 00:24:39,909 S8: there's a mortgage company in town that I plan to 470 00:24:39,910 --> 00:24:43,800 S8: go with because they've been doing it for years. And 471 00:24:44,119 --> 00:24:49,040 S8: my question is that they and also this one guy 472 00:24:49,040 --> 00:24:53,000 S8: that was down south of Atlanta. Um, they were he 473 00:24:53,000 --> 00:24:57,720 S8: was like the first guy that, you know, something called online. 474 00:24:57,760 --> 00:24:59,560 S8: The you give them their phone number and they call 475 00:24:59,560 --> 00:25:04,960 S8: you out of nowhere. Anyway, they are trying they're telling 476 00:25:04,960 --> 00:25:08,520 S8: me I should go ahead, like, oh, it'd be good 477 00:25:08,520 --> 00:25:11,080 S8: for you to get your reverse mortgage. Now, my plan 478 00:25:11,080 --> 00:25:13,760 S8: is to wait 3 to 4 years till I'm closer 479 00:25:13,760 --> 00:25:18,720 S8: to 70 or 70. And my house, they say it's 480 00:25:18,720 --> 00:25:21,480 S8: worth 300,000 right now, but I'm like, well, let's be 481 00:25:21,480 --> 00:25:25,280 S8: conservative and conservative and say that, well, in 3 or 482 00:25:25,280 --> 00:25:28,720 S8: 4 years it may be worth 300,000. And I at 483 00:25:28,720 --> 00:25:34,920 S8: this point I owe about 100,000 or 95,000, something like that. 484 00:25:35,640 --> 00:25:40,240 S8: So I'm just wondering why it seems like it would 485 00:25:40,380 --> 00:25:44,540 S8: benefit the mortgage company for me to go ahead and 486 00:25:44,540 --> 00:25:46,659 S8: get it now, even though I have no need of 487 00:25:46,660 --> 00:25:50,100 S8: it right now. I don't need it. Yeah. Um, yeah. 488 00:25:50,140 --> 00:25:51,980 S8: Are they trying to pull one on me or. No. 489 00:25:51,980 --> 00:25:54,780 S8: Is there like, they're trying to tell me how it 490 00:25:54,780 --> 00:25:57,379 S8: would benefit me? I'm like, that doesn't make sense to me. 491 00:25:57,420 --> 00:26:00,500 S8: So I trust you guys. Tell me, does it make sense? 492 00:26:00,780 --> 00:26:02,500 S1: Well, first of all, let me just say thanks for 493 00:26:02,500 --> 00:26:05,100 S1: being a longtime listener, and I appreciate you calling out 494 00:26:05,100 --> 00:26:08,659 S1: the late Larry Burkett. He, uh. It's amazing. People still 495 00:26:08,660 --> 00:26:11,780 S1: remark on the impact he's had. And he's been gone 496 00:26:11,780 --> 00:26:14,699 S1: now for more than 20 years. But, uh, what a 497 00:26:14,700 --> 00:26:17,220 S1: man of God that was used so immensely in so 498 00:26:17,220 --> 00:26:20,580 S1: many people's lives. Uh, Harlan, your thoughts on her situation? 499 00:26:20,740 --> 00:26:22,979 S2: Yeah, I'd ask you a few more questions, but I 500 00:26:22,980 --> 00:26:26,500 S2: can tell you from a standpoint that the earlier you 501 00:26:26,500 --> 00:26:29,020 S2: do it, the better. I, I did my reverse mortgage 502 00:26:29,020 --> 00:26:32,460 S2: when I did not need it at 62. Um, and 503 00:26:32,460 --> 00:26:36,700 S2: it has resulted in a better scenario for me financially 504 00:26:36,700 --> 00:26:40,270 S2: and tax wise and so on. So I wouldn't know 505 00:26:40,270 --> 00:26:43,230 S2: enough about what you have in, you know, other places 506 00:26:43,230 --> 00:26:46,310 S2: and so on. But, uh, you got to think that 507 00:26:46,310 --> 00:26:48,669 S2: when you are making payments, you are really sending it 508 00:26:48,670 --> 00:26:51,429 S2: to the next generation, which is fine if that's what 509 00:26:51,430 --> 00:26:54,230 S2: you want to do. But the longer you make payments, yes, 510 00:26:54,230 --> 00:26:58,389 S2: the value of your house goes up probably. And typically 511 00:26:58,430 --> 00:27:01,030 S2: your mortgage balance goes down. But if you look at 512 00:27:01,030 --> 00:27:04,070 S2: just the math, it usually makes sense to do it earlier. 513 00:27:04,070 --> 00:27:05,870 S2: And you got to get out of your mind that 514 00:27:05,869 --> 00:27:07,790 S2: you're going to do it when you need it. That's 515 00:27:07,790 --> 00:27:10,510 S2: like saying, I'm going to move to a different house 516 00:27:10,510 --> 00:27:13,389 S2: when I am in a wheelchair. That's a hard time 517 00:27:13,390 --> 00:27:15,310 S2: to do it. So the best time to borrow money 518 00:27:15,430 --> 00:27:17,950 S2: and set aside a line of credit or an emergency 519 00:27:17,950 --> 00:27:20,709 S2: fund is when you don't need it. And so you 520 00:27:20,710 --> 00:27:23,270 S2: really have an emergency fund, but it's in your house. 521 00:27:23,390 --> 00:27:27,469 S2: And so the earlier you activate that, the better. Uh, 522 00:27:27,590 --> 00:27:30,469 S2: in most cases. But there's nothing that is always or never. 523 00:27:30,470 --> 00:27:33,510 S2: I would I would get another opinion because if they 524 00:27:33,510 --> 00:27:37,310 S2: haven't explicitly been able to explain why you should do 525 00:27:37,310 --> 00:27:39,720 S2: it now and that you don't feel comfortable with it. 526 00:27:39,760 --> 00:27:42,560 S2: Maybe they're right, maybe they're wrong. But either way, you 527 00:27:42,560 --> 00:27:44,679 S2: should feel comfortable with it, and I just. I'd be 528 00:27:44,720 --> 00:27:46,440 S2: happy to give you a second opinion. I don't get 529 00:27:46,440 --> 00:27:49,520 S2: paid anything if you do the loan, but I'd be 530 00:27:49,560 --> 00:27:51,719 S2: happy to be of help to you. And if it 531 00:27:51,720 --> 00:27:54,560 S2: made sense, just tell you to go where you're going 532 00:27:54,600 --> 00:27:57,840 S2: or talk with one of our team members either way, 533 00:27:57,840 --> 00:27:59,920 S2: but just give you advice at no cost. 534 00:28:00,080 --> 00:28:01,960 S1: Mary Lou, is that helpful or did you have a 535 00:28:01,960 --> 00:28:02,879 S1: follow up question? 536 00:28:03,720 --> 00:28:07,120 S8: I'm shocked that you're saying, oh, I, I should go 537 00:28:07,160 --> 00:28:11,119 S8: ahead and do it because, I mean, I want to 538 00:28:11,119 --> 00:28:13,639 S8: keep paying down so that I don't owe as much 539 00:28:13,640 --> 00:28:18,840 S8: and that I would get more that I can use 540 00:28:19,680 --> 00:28:23,639 S8: when I do need it. But so there is financially 541 00:28:25,320 --> 00:28:25,800 S8: a way. 542 00:28:25,840 --> 00:28:26,560 S2: Well, probably. 543 00:28:26,560 --> 00:28:27,400 S8: I should do this. 544 00:28:27,840 --> 00:28:29,639 S2: Mary Lou, I'm not saying that you should do it, 545 00:28:29,640 --> 00:28:32,040 S2: but I'm saying there's more likely that you probably should. 546 00:28:32,240 --> 00:28:34,959 S2: But I would ask you a few questions. Inside of 547 00:28:34,960 --> 00:28:37,840 S2: a half hour, I would be very definitive and say, yes, 548 00:28:37,840 --> 00:28:39,890 S2: you should or no, you should wait because sometimes you 549 00:28:39,890 --> 00:28:42,570 S2: should wait. So I'm not saying you should, but it's 550 00:28:42,570 --> 00:28:46,530 S2: more likely that you should than you shouldn't. Statistically and mathematically. 551 00:28:47,130 --> 00:28:49,650 S1: Very good. Mary Lou, we appreciate your call today. Thanks 552 00:28:49,650 --> 00:28:52,410 S1: for being a faithful listener over many years. We're grateful. 553 00:28:52,450 --> 00:28:54,410 S1: Let's go to Indianapolis. Dan. Go ahead. 554 00:28:54,850 --> 00:28:58,930 S10: Hi. Hi, Robin. Harland. Um, the end of this year, 555 00:28:58,930 --> 00:29:02,450 S10: I'm planning on retiring and moving down to North Carolina. 556 00:29:02,690 --> 00:29:05,810 S10: The house I presently have is totally paid for, but 557 00:29:05,850 --> 00:29:08,290 S10: it needs some repairs so I can get the most 558 00:29:08,290 --> 00:29:10,850 S10: out of the money when I sell it. Um, how 559 00:29:10,890 --> 00:29:13,570 S10: how should I go about it? Is the reverse mortgage 560 00:29:13,570 --> 00:29:16,530 S10: or home equity or some other type of loan or 561 00:29:16,530 --> 00:29:18,930 S10: something like that? Um, best for me. 562 00:29:19,410 --> 00:29:21,970 S1: Yeah. You're talking about for this existing home that you're 563 00:29:21,970 --> 00:29:24,490 S1: about to sell once you do the repairs, right? 564 00:29:24,930 --> 00:29:25,730 S10: That is correct. 565 00:29:26,690 --> 00:29:30,490 S2: Yeah. We've heard hundreds of these hundreds of these scenarios. Um, 566 00:29:30,930 --> 00:29:35,050 S2: this is exactly you're thinking about moving and going to 567 00:29:35,090 --> 00:29:40,060 S2: that that fourth quarter forever house. And what we do 568 00:29:40,060 --> 00:29:41,980 S2: is we never do the reverse mortgage in the house 569 00:29:41,980 --> 00:29:44,900 S2: you're departing from, because it doesn't make sense with the cost. 570 00:29:44,900 --> 00:29:46,980 S2: It's more expensive to do a reverse mortgage than a 571 00:29:46,980 --> 00:29:50,300 S2: regular mortgage. So we do a regular traditional forward mortgage 572 00:29:50,300 --> 00:29:53,260 S2: to give you the money to fix things up, then 573 00:29:53,300 --> 00:29:56,140 S2: do mortgage to buy the house. Like I talked about 574 00:29:56,140 --> 00:29:58,220 S2: at the beginning of the show, buying a house in 575 00:29:58,220 --> 00:30:01,540 S2: the Carolinas with the down payment from the money in 576 00:30:01,540 --> 00:30:04,140 S2: your house, and maybe you have some left over besides. 577 00:30:04,420 --> 00:30:07,140 S2: So we walk you through that to be able to 578 00:30:07,140 --> 00:30:10,180 S2: get from point A to point B. Great question. 579 00:30:10,420 --> 00:30:12,900 S1: Yeah. And Harlan, just about 15 seconds. Would that be 580 00:30:12,900 --> 00:30:15,060 S1: a home equity line of credit because his home is 581 00:30:15,060 --> 00:30:15,660 S1: paid off? 582 00:30:16,460 --> 00:30:18,340 S2: Yes. We do a home equity line of credit on 583 00:30:18,340 --> 00:30:21,140 S2: the existing house, and then a reverse mortgage for purchase 584 00:30:21,140 --> 00:30:23,020 S2: on the new house in the Carolinas. 585 00:30:23,460 --> 00:30:26,460 S1: Excellent, Dan, thanks for your call. We appreciate it. More 586 00:30:26,460 --> 00:30:30,100 S1: questions right after this with Harlan Accola. Don't go anywhere. 587 00:30:39,150 --> 00:30:40,950 S1: Great to have you with us today on Faith and 588 00:30:40,950 --> 00:30:43,750 S1: finance live. I'm Rob West. You know, here we talk 589 00:30:43,790 --> 00:30:48,910 S1: about wise stewardship all the time because we recognize every decision, 590 00:30:48,910 --> 00:30:52,630 S1: every dollar, every act of service is an act of 591 00:30:52,630 --> 00:30:57,030 S1: worship when it's rooted in love for God. Faithful stewardship 592 00:30:57,030 --> 00:31:00,030 S1: at its core is discipleship. It shapes not only what 593 00:31:00,030 --> 00:31:02,709 S1: we do with what's in our hands, but also who 594 00:31:02,750 --> 00:31:05,630 S1: we are becoming in Christ. Our hope each day on 595 00:31:05,630 --> 00:31:07,710 S1: this program is to point you back to God's Word, 596 00:31:07,710 --> 00:31:10,470 S1: and help you to live as a wise and faithful steward. 597 00:31:10,710 --> 00:31:13,630 S1: Today we're talking with our friend Harlan Achola. He joins 598 00:31:13,630 --> 00:31:17,110 S1: us regularly as our go to guy on mortgages today, 599 00:31:17,150 --> 00:31:20,709 S1: specifically reverse mortgages. We started out by talking about the 600 00:31:20,710 --> 00:31:25,390 S1: fourth quarter of life and how many Americans are really financially, quote, 601 00:31:25,430 --> 00:31:28,710 S1: stuck in the House that they're in because they're unable 602 00:31:28,710 --> 00:31:31,030 S1: to move to a home that's better equipped for them 603 00:31:31,030 --> 00:31:33,150 S1: in that season of life because they don't have the 604 00:31:33,150 --> 00:31:35,959 S1: financial means to do so, and that often a reverse 605 00:31:35,960 --> 00:31:40,040 S1: mortgage can be an effective tool to accomplish that. And 606 00:31:40,240 --> 00:31:43,320 S1: these products have a lot of misconceptions because in the 607 00:31:43,320 --> 00:31:46,640 S1: past they were not anywhere like what they are today. 608 00:31:46,640 --> 00:31:50,440 S1: When we talk about what's called a home equity conversion mortgage, 609 00:31:50,440 --> 00:31:53,600 S1: where you have no recourse in terms of there is 610 00:31:53,600 --> 00:31:57,080 S1: no personal recourse against the loan, you can stay in 611 00:31:57,080 --> 00:31:59,880 S1: it as long as you're in the home, uh, both 612 00:31:59,880 --> 00:32:02,640 S1: you and your spouse. And it really can be a 613 00:32:02,640 --> 00:32:06,120 S1: powerful tool to help you either eliminate an existing mortgage 614 00:32:06,120 --> 00:32:09,440 S1: payment or tap into home equity. If you do not 615 00:32:09,440 --> 00:32:12,120 S1: have enough saved for this season of life. We're taking 616 00:32:12,120 --> 00:32:15,440 S1: your questions today, and we've got a couple of additional 617 00:32:15,480 --> 00:32:18,560 S1: questions that we'll get in before we wrap up today. 618 00:32:18,720 --> 00:32:21,560 S1: Let's go out to West Lafayette, Indiana. George, thanks for calling. 619 00:32:21,560 --> 00:32:22,040 S1: Go ahead. 620 00:32:23,400 --> 00:32:24,520 S11: Hey, Rob, how are you? 621 00:32:24,920 --> 00:32:26,560 S1: I'm doing great. Thanks for your call, sir. 622 00:32:28,000 --> 00:32:30,719 S11: Hey, look. That's great. So I don't know if you 623 00:32:30,720 --> 00:32:34,080 S11: remember me, but two years ago, I had called and 624 00:32:34,120 --> 00:32:37,900 S11: I was in a lot of credit card debt and 625 00:32:37,900 --> 00:32:41,340 S11: other debts, um, school loans and things that I'm still 626 00:32:41,380 --> 00:32:44,180 S11: currently a PhD student. I just want to call and 627 00:32:44,180 --> 00:32:45,780 S11: just say thank you from the bottom of my heart 628 00:32:45,780 --> 00:32:49,340 S11: for getting me in touch with Faith by, um, my 629 00:32:49,340 --> 00:32:53,940 S11: financial advisor. He's been working with me ever so immensely, 630 00:32:54,140 --> 00:32:56,300 S11: and the Lord has just blessed me for being a 631 00:32:56,300 --> 00:32:58,820 S11: good steward of the finance he put me over. I 632 00:32:58,820 --> 00:33:01,300 S11: just want to say that I'm almost out of debt, 633 00:33:01,460 --> 00:33:03,219 S11: and I can say that it all started with you. 634 00:33:03,260 --> 00:33:04,620 S11: So I just want to say thank you. 635 00:33:05,140 --> 00:33:08,820 S1: Oh, George. That's incredible. I'm so grateful for your call today. 636 00:33:09,020 --> 00:33:11,140 S1: So did we connect you with one of our certified 637 00:33:11,140 --> 00:33:13,540 S1: Christian financial counselors to journey with you? 638 00:33:14,900 --> 00:33:17,300 S11: Yes, you did, and I still am rolling with him today. 639 00:33:17,300 --> 00:33:18,820 S11: We just had a meeting last night. 640 00:33:19,180 --> 00:33:22,620 S1: Oh. That's amazing. And how much debt will you have 641 00:33:22,620 --> 00:33:24,540 S1: paid off when it's all said and done? 642 00:33:26,180 --> 00:33:29,100 S11: When this is all said and done, I want to say, 643 00:33:29,540 --> 00:33:31,780 S11: oh my goodness, close to 30,000. 644 00:33:31,900 --> 00:33:35,110 S1: Wow. That's incredible. What would you say is the biggest 645 00:33:35,110 --> 00:33:38,790 S1: change you made? What has allowed you to accomplish this? 646 00:33:40,870 --> 00:33:44,710 S11: Uh, was not a good steward. I did not see 647 00:33:44,710 --> 00:33:47,630 S11: where my finances going towards. I seen it was going 648 00:33:47,670 --> 00:33:52,350 S11: to regular college living, you know, eating out and just 649 00:33:52,350 --> 00:33:55,670 S11: spending money. And I just thought, oh, I'll get a 650 00:33:55,670 --> 00:33:58,870 S11: check next week and I'll pay that credit card off 651 00:33:58,870 --> 00:34:01,790 S11: or something. But it was just always the minimum. And 652 00:34:01,790 --> 00:34:03,710 S11: it was just I didn't know where my money was going, 653 00:34:03,750 --> 00:34:05,750 S11: and I was seeing that I could have been cooking 654 00:34:05,750 --> 00:34:08,510 S11: at home and where I could be saving. I didn't 655 00:34:08,510 --> 00:34:11,750 S11: have zero savings, and now I actually have an emergency 656 00:34:11,790 --> 00:34:15,710 S11: fund for the next 3 to 5 months. And again, 657 00:34:15,750 --> 00:34:17,750 S11: I never could have thought this would be possible. 658 00:34:18,270 --> 00:34:21,910 S1: Wow, that is amazing. You know, so often just having 659 00:34:21,910 --> 00:34:26,710 S1: that visibility into our finances is a game changer. And 660 00:34:26,710 --> 00:34:29,430 S1: then when we realize that we're stewards and you've acknowledged 661 00:34:29,430 --> 00:34:34,759 S1: that and that ultimately spending decisions are spiritual decisions. You know, 662 00:34:34,800 --> 00:34:38,960 S1: each purchase, every act of generosity really points to what 663 00:34:38,960 --> 00:34:42,080 S1: we value, where we've placed our trust, what or whom 664 00:34:42,080 --> 00:34:45,960 S1: we love the most. And clearly, you have said you 665 00:34:45,960 --> 00:34:48,520 S1: want to be faithful as a steward. That's, uh, each 666 00:34:48,520 --> 00:34:50,880 S1: of our goals here as we get together each day 667 00:34:50,880 --> 00:34:53,239 S1: on this program. And I am so thankful that you 668 00:34:53,239 --> 00:34:56,480 S1: took the time to call that out. Well done, my friend. 669 00:34:56,520 --> 00:34:58,520 S1: I'm so proud of you, and I appreciate you sharing 670 00:34:58,520 --> 00:34:59,240 S1: that with us. 671 00:34:59,680 --> 00:35:03,080 S11: And I just want to say, just being a steward 672 00:35:03,080 --> 00:35:06,200 S11: over what little he has given me has made a difference, 673 00:35:06,200 --> 00:35:09,800 S11: because over the past two years I have gotten, uh, 674 00:35:10,760 --> 00:35:15,520 S11: different scholarships, just anonymously. My advisor didn't recommend me. I 675 00:35:15,520 --> 00:35:18,160 S11: didn't apply for them. They just happened. And I called 676 00:35:18,160 --> 00:35:21,960 S11: the registrar and it was just there and it was legit. 677 00:35:21,960 --> 00:35:23,600 S11: And I just want to say, you know, I know 678 00:35:23,640 --> 00:35:26,160 S11: this is God working, just being a steward over what 679 00:35:26,200 --> 00:35:28,640 S11: little he's given me and to, you know, give back 680 00:35:28,640 --> 00:35:29,800 S11: to other people as well. 681 00:35:30,480 --> 00:35:33,969 S1: Well faithful and a little and he'll put you over much. 682 00:35:33,969 --> 00:35:37,490 S1: And clearly he is as providing for you. You're doing 683 00:35:37,489 --> 00:35:40,450 S1: your part, which is the next faithful step each day, 684 00:35:40,810 --> 00:35:44,250 S1: and we're grateful to hear your story. Listen, George. Lord 685 00:35:44,250 --> 00:35:46,609 S1: bless you, my friend. Stay on the line. I want 686 00:35:46,650 --> 00:35:48,529 S1: to send you a copy of my new devotional. It's 687 00:35:48,530 --> 00:35:51,370 S1: called Our Ultimate Treasure. I'd love for you to spend 688 00:35:51,370 --> 00:35:54,370 S1: the next 21 days journeying through that. It'll be our 689 00:35:54,370 --> 00:35:56,810 S1: gift to you, and we'll get it out to you 690 00:35:56,850 --> 00:35:57,810 S1: right away, okay? 691 00:35:58,610 --> 00:35:59,570 S11: I appreciate it. 692 00:35:59,810 --> 00:36:04,410 S1: All right. Lord bless you, my friend. Call anytime. Uh. Wow. Incredible. Uh, 693 00:36:04,410 --> 00:36:06,930 S1: let's head to, uh, Phoenix. Stanley. Go ahead. 694 00:36:07,810 --> 00:36:12,009 S12: Oh. Thank you. Um, my problem is I inherited the 695 00:36:12,010 --> 00:36:13,930 S12: home I live in, which I lived in most of 696 00:36:13,930 --> 00:36:17,810 S12: my life. But I'm still working. I'll be 69 this year, 697 00:36:17,810 --> 00:36:20,090 S12: and I'd like to retire, hopefully in the next ten years. 698 00:36:20,090 --> 00:36:24,050 S12: But I have a upside down thing with my home. 699 00:36:24,130 --> 00:36:26,730 S12: I took out a home equity loan and 0506 and 700 00:36:26,730 --> 00:36:29,850 S12: next thing I know the bubble burst. And so anyway, 701 00:36:29,850 --> 00:36:32,300 S12: people were losing their homes in my area. So anyway, 702 00:36:32,739 --> 00:36:36,339 S12: I tried to make the reverse mortgage about five six 703 00:36:36,340 --> 00:36:38,939 S12: years ago when I turned 62, and for some reason 704 00:36:38,940 --> 00:36:41,140 S12: I wasn't qualified. So I happened to be at home 705 00:36:41,180 --> 00:36:43,779 S12: on vacation. I was listening to your show, so I said, 706 00:36:43,780 --> 00:36:45,779 S12: I'll give you a call. Maybe you could give me 707 00:36:45,780 --> 00:36:48,219 S12: some advice on who I could talk to, to maybe 708 00:36:48,260 --> 00:36:50,219 S12: get some help and advice on what I should do. 709 00:36:50,260 --> 00:36:51,259 S12: And my situation. 710 00:36:51,780 --> 00:36:53,540 S1: Absolutely. Harlan. Your thoughts? 711 00:36:54,260 --> 00:36:57,580 S2: Yeah. Stanley, we should go over the scenario. Maybe it's 712 00:36:57,580 --> 00:37:00,980 S2: something that we can, um, do. Something that, uh, there's 713 00:37:00,980 --> 00:37:03,219 S2: a lot of mortgage companies that don't do these or 714 00:37:03,260 --> 00:37:04,660 S2: don't just do a few of those, and they don't 715 00:37:04,660 --> 00:37:06,820 S2: really understand some of the options that can be done. 716 00:37:06,860 --> 00:37:11,620 S2: It's possible that you don't qualify, but that's that's rare. Um, 717 00:37:11,620 --> 00:37:14,580 S2: but it's certainly possible. And the other thing is, is 718 00:37:14,620 --> 00:37:17,940 S2: maybe it makes sense for you to sell and move 719 00:37:17,980 --> 00:37:21,020 S2: to a smaller house or a different house or a 720 00:37:21,020 --> 00:37:24,260 S2: different area. People don't always want to do that, but 721 00:37:24,300 --> 00:37:26,700 S2: that's where the reverse repurchase comes in as well. So 722 00:37:26,900 --> 00:37:29,739 S2: I'd be happy to off, uh, offline, just kind of 723 00:37:29,780 --> 00:37:32,270 S2: go through some options and at least give you peace 724 00:37:32,270 --> 00:37:34,830 S2: as to what what you can do. Because if you're 725 00:37:34,830 --> 00:37:37,630 S2: looking at retirement, fourth quarter can last a while. And 726 00:37:37,630 --> 00:37:39,189 S2: we want to make sure that you have the best 727 00:37:39,190 --> 00:37:40,590 S2: option for a place to live. 728 00:37:41,310 --> 00:37:43,589 S1: Yeah. Very good. Stanley, stay on the line. We'll get 729 00:37:43,590 --> 00:37:46,310 S1: your information and get Harlan or someone from his team 730 00:37:46,310 --> 00:37:48,910 S1: in touch with you. Thanks for calling, sir. Uh, let's 731 00:37:48,910 --> 00:37:51,430 S1: finish up today in Chicago. Bertha. Go ahead. 732 00:37:54,030 --> 00:37:54,430 S8: Um. 733 00:37:55,030 --> 00:37:59,709 S13: I'm 82, and I have a house that is paid for. 734 00:37:59,710 --> 00:38:02,270 S13: I have no credit card debt, and I want to 735 00:38:02,270 --> 00:38:06,149 S13: try to do what? This, uh, reverse mortgages you're talking 736 00:38:06,150 --> 00:38:06,910 S13: about now. 737 00:38:07,510 --> 00:38:09,710 S1: Mm. Bertha, let me just ask you, and I'll get 738 00:38:09,750 --> 00:38:12,390 S1: Harlan to weigh in. What are you trying to solve for? 739 00:38:12,430 --> 00:38:14,870 S1: Are you looking to have some additional income, or do 740 00:38:14,870 --> 00:38:18,469 S1: you have some large expenses coming up on the house 741 00:38:18,670 --> 00:38:21,109 S1: to repair it that you can't afford? What would be 742 00:38:21,110 --> 00:38:22,469 S1: your primary objective? 743 00:38:23,870 --> 00:38:27,029 S13: To repair the house? I need a lot of work 744 00:38:27,030 --> 00:38:28,989 S13: on my house, and I would like to try to 745 00:38:28,989 --> 00:38:31,120 S13: do the things you said about moving to a new 746 00:38:31,160 --> 00:38:34,239 S13: house without having a mortgage payment? 747 00:38:34,440 --> 00:38:38,160 S1: I see, yeah. Harlan, a very typical situation you encounter, 748 00:38:38,160 --> 00:38:38,680 S1: isn't it? 749 00:38:39,120 --> 00:38:43,160 S2: Boy, it sure is. We'd love to help you, Bertha, because, um, 750 00:38:43,200 --> 00:38:46,560 S2: there's a couple of options, obviously, of getting either using 751 00:38:46,560 --> 00:38:49,319 S2: the money in your house to improve it and do 752 00:38:49,320 --> 00:38:52,080 S2: the fixing. And a lot of people your age have 753 00:38:52,080 --> 00:38:54,719 S2: deferred maintenance because they're on a fixed income, and it's 754 00:38:54,719 --> 00:38:57,160 S2: just not possible to come up with 20 or $30,000 755 00:38:57,160 --> 00:38:59,680 S2: sometimes to do something that needs to be done. So 756 00:38:59,680 --> 00:39:01,960 S2: that might be one option because you owe nothing on it. 757 00:39:01,960 --> 00:39:04,760 S2: And then another option might be selling and moving to 758 00:39:04,920 --> 00:39:06,719 S2: something that's brand new that you don't have to do 759 00:39:06,719 --> 00:39:09,120 S2: any maintenance on. I don't know what the best thing is, 760 00:39:09,120 --> 00:39:11,840 S2: but I'd be happy to discuss it with you further 761 00:39:11,840 --> 00:39:13,560 S2: to find out how to make your life just a 762 00:39:13,560 --> 00:39:16,120 S2: little bit easier. Uh, in the years that you have 763 00:39:16,120 --> 00:39:17,200 S2: left here on this earth. 764 00:39:17,719 --> 00:39:19,400 S1: Very good. Bertha, I don't want you to have to 765 00:39:19,400 --> 00:39:21,720 S1: navigate the web. So if you just stay on the line, 766 00:39:21,719 --> 00:39:23,719 S1: our team will give you all the information you need 767 00:39:23,760 --> 00:39:26,680 S1: on your next steps. But we appreciate your call today. 768 00:39:26,840 --> 00:39:29,320 S1: Be sure to let us know how all this turns out, 769 00:39:29,380 --> 00:39:32,500 S1: And we're grateful for you, Harlan. Tie a bow on 770 00:39:32,500 --> 00:39:34,379 S1: this for us today. You know, we talked about this 771 00:39:34,380 --> 00:39:37,940 S1: fourth quarter of life. And this doesn't necessarily mean somebody 772 00:39:37,940 --> 00:39:41,340 S1: who's already in poor health. I mean, you got your 773 00:39:41,340 --> 00:39:45,460 S1: reverse mortgage in great health, right? When you turned 62, right? 774 00:39:45,700 --> 00:39:47,700 S2: Well, yes, I think it really comes down to planning. 775 00:39:47,700 --> 00:39:49,939 S2: And that's really part of stewardship. There's so many people 776 00:39:49,940 --> 00:39:51,859 S2: that don't plan, whether it be their IRA or their 777 00:39:51,860 --> 00:39:54,700 S2: 41K or their savings, or when they're going to retire 778 00:39:54,700 --> 00:39:57,020 S2: and when they're going to take Social Security and, uh, 779 00:39:57,060 --> 00:39:59,620 S2: there's no do overs in retirement, as somebody told me 780 00:39:59,620 --> 00:40:02,700 S2: a long time ago, and we really want to do it. Right. 781 00:40:02,700 --> 00:40:04,859 S2: And so what it really comes down to is we 782 00:40:04,860 --> 00:40:08,340 S2: try so hard to look at a person's overall situation 783 00:40:08,340 --> 00:40:12,700 S2: to prevent problems from happening. In Proverbs, it's the, you know, 784 00:40:12,739 --> 00:40:16,660 S2: it talks about in many different verses about seeing what's 785 00:40:16,660 --> 00:40:19,500 S2: in the future and, and steering away from it and 786 00:40:19,540 --> 00:40:23,860 S2: looking not the prudent, uh, you know, see danger and 787 00:40:23,860 --> 00:40:27,380 S2: readjust what they're doing. And so, um, I think the 788 00:40:27,380 --> 00:40:29,590 S2: big thing is, is that we just want to be 789 00:40:29,590 --> 00:40:32,989 S2: an assistance in looking at this, and housing is such 790 00:40:33,030 --> 00:40:35,630 S2: a big part of it. I saw a statistic just 791 00:40:35,670 --> 00:40:39,710 S2: last week that 67% of people's wealth over the age 792 00:40:39,710 --> 00:40:43,750 S2: of 62 is in their house. Wow. So so that 793 00:40:43,750 --> 00:40:45,750 S2: really needs to be managed and they need to know 794 00:40:45,750 --> 00:40:48,069 S2: what their is, because there's no bigger decision that you 795 00:40:48,070 --> 00:40:52,029 S2: make monetarily than where you live. Yeah. And if you're 796 00:40:52,030 --> 00:40:53,310 S2: in the wrong house, we want to get you to 797 00:40:53,350 --> 00:40:56,670 S2: the right house. If you're in the right house, we 798 00:40:56,670 --> 00:40:58,750 S2: want to help make your retirement better. And this is 799 00:40:58,750 --> 00:41:00,710 S2: not about we're just going to have a meeting with 800 00:41:00,710 --> 00:41:02,710 S2: you and sell you a reverse mortgage or any mortgage 801 00:41:02,710 --> 00:41:05,750 S2: at all. It's simply a discussion. As a real estate 802 00:41:05,750 --> 00:41:08,589 S2: expert that has our people have dealt with this for 803 00:41:08,590 --> 00:41:10,989 S2: 20 years. What can we do? What should we do 804 00:41:10,989 --> 00:41:14,110 S2: to make your life easier, to create more? Giving something 805 00:41:14,110 --> 00:41:17,390 S2: better for the kingdom, something better for your family? And 806 00:41:17,430 --> 00:41:20,109 S2: the house is such a huge part of that that 807 00:41:20,110 --> 00:41:22,750 S2: we just want to use it right. As as stewards 808 00:41:22,750 --> 00:41:25,150 S2: that you talk about all the time in your book. 809 00:41:25,150 --> 00:41:29,240 S2: I'm using your book every morning And I'm so thankful 810 00:41:29,239 --> 00:41:32,400 S2: for those those insights. And those are the same principles 811 00:41:32,400 --> 00:41:35,279 S2: that we apply when someone talks to us about, what 812 00:41:35,280 --> 00:41:37,560 S2: do I do with my house in this fourth quarter 813 00:41:37,560 --> 00:41:38,120 S2: of life? 814 00:41:38,600 --> 00:41:41,120 S1: Well, I appreciate that. It's well said, and I appreciate 815 00:41:41,120 --> 00:41:44,040 S1: how you always lead with education. And each time you're 816 00:41:44,040 --> 00:41:46,720 S1: with us. Listen, my friend, thanks for your time today. 817 00:41:46,719 --> 00:41:47,440 S1: We're grateful. 818 00:41:48,160 --> 00:41:50,560 S2: Thank you. Appreciate the opportunity to be of help. 819 00:41:50,800 --> 00:41:52,759 S1: All right, folks, if you want to learn more, just 820 00:41:52,760 --> 00:41:59,200 S1: head to faith. B-complex. That's faith. Boy, what a treat 821 00:41:59,200 --> 00:42:01,239 S1: to hear from so many of you today. All of 822 00:42:01,239 --> 00:42:05,160 S1: your questions and comments. Grateful for Jorge's testimony as well. 823 00:42:05,160 --> 00:42:08,120 S1: That's what it's all about. Being able to align our 824 00:42:08,120 --> 00:42:11,880 S1: money management, our stewardship of God's resources with his heart 825 00:42:11,880 --> 00:42:14,600 S1: so we can give more and be more strategic in 826 00:42:14,600 --> 00:42:17,640 S1: how we bring him glory as we manage his resources. 827 00:42:17,640 --> 00:42:20,680 S1: Big thanks to my team today Taylor, Lisa, Omar, Tahira, 828 00:42:20,680 --> 00:42:23,160 S1: and of course Harlan Akola. Hope you'll come back and 829 00:42:23,160 --> 00:42:25,680 S1: join us next time on Faith and Finance Live. We'll 830 00:42:25,680 --> 00:42:26,240 S1: see you then.